Bitcoin has experienced a drop in price from its weekly high of $71,980 to as low as $67,000, causing concern among crypto investors. However, crypto analyst Jelle has reassured investors that there is no need to worry about the flagship crypto’s price action.
Jelle pointed out in a social media post that Bitcoin is still on a similar path to the 2017 bull run. He mentioned that once Bitcoin breaks above the 2021 all-time high of $69,000, it is likely to make a parabolic move to the upside, with a potential target of $100,000.
Another crypto trader and analyst, Mags, also shared a bullish sentiment, referring to the recent price correction as a “fakeout before the next leg up.” Mags highlighted how Bitcoin has followed a pattern of consolidating inside a range after hitting a bottom, before breaking out to the upside.
BitQuant, another crypto analyst, echoed similar sentiments, stating that the recent price dip is a positive sign that Bitcoin is gearing up for a significant move to the upside. BitQuant predicted that Bitcoin could reach as high as $95,000 when this parabolic move occurs.
Rekt Capital, a crypto analyst, suggested that Bitcoin’s outlook remains bullish regardless of short-term price fluctuations. He outlined two possible scenarios for Bitcoin’s price movement, emphasizing that a breakout above $71,500 could signal the start of a new uptrend.
Overall, analysts remain optimistic about Bitcoin’s future price movements, with expectations of a potential surge in value. Whether Bitcoin breaks out soon or consolidates further, the consensus is that the flagship cryptocurrency is poised for significant gains in the near future.